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Here is the question.

Assume a client has $11MM in S&P 500 index. He is worried about a drop in the markets and wants to hedge it out.  Some of the choices the client has are 1) Buy options on S&P 500. (There are ETFs on S&P 500 on which a retail client can buy options or there are direct options on S&P 500) 2) Go long volatility. The VIX index is a measure of volatility and is inversely correlated to S&P 500- so he can buy options on it 3) Other assets that may be negatively correlated with stocks if you can think about it.

Please perform some analysis to come up with the most cost effective way of hedging. Just one page description and one excel spreadsheet to establish the calculation ie correlation, cost etc.

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关键词：面试题 Calculation correlation Spreadsheet Description 美国 面试 指点

你不会这道题，以后怎么工作？

帮顶  俺不会  期待高人出现

帮顶。顺便发下我烂到极点的翻译，请不吝赐教！
假设一个人有$11MM 标准普尔500的资产，他担心市价会下跌，于是考虑将风险对冲。他有以下几种考虑：1）买标准普尔500的股票（可以作为散户买ETF或普通股票） 2）利用波动率。VIX指数是衡量波动性的指数且与标准普尔负相关，所以他也可以基于VIX选择股票 3）如果你有其他办法，请帮他选择其他与所持股反向波动的投资产品